​Solunion, jointly created by Euler Hermes and MAPFRE to offer trade credit insurance solutions in Spain and Latin America, officially began operations in Spain and Argentina today.

​“Solunion is born today with a decisive leadership ambition,” said Fernando Pérez Serrabona, Solunion CEO. “This combination of Euler Hermes’ and MAPFRE’s strengths enables us to develop a much wider offer for our clients. Solunion blends solidity, experience, knowledge and an international presence with a focused objective: to respond quickly and efficiently to our customers’ needs.”

Solunion became an official entity January 28, 2013, with the signing of the shareholders’ agreement and official nomination of the Board of Management members. Ludovic Sénécaut, CEO of Euler Hermes in Northern Europe, was named Solunion chairman, and Alfredo Castelo, chairman of MAPFRE GLOBAL RISKS, became vice chairman. The company is owned equally by Euler Hermes and MAPFRE.

Solunion offers comprehensive trade-related credit insurance solutions and services for companies of all sizes in a wide range of trade sectors.

Headquartered in Madrid, Solunion benefits from the global trade risk underwriting network of Euler Hermes’ offices in more than 50 countries that monitor local policyholder risks, and from MAPFRE’s broad and diversified commercial distribution network.According to Ludovic Sénecaut, chairman: “Solunion’s deep knowledge of the Spanish and Latin American markets, supported by a risk data base of more than 40 million companies globally, can bring strong added value to companies that strive to develop their business safely in their home markets and abroad.”

Solunion expects to launch operations in Chile, Colombia and Mexico by mid-year, subject to local legal authorizations.